(Representative image: Reuters)
Cab aggregator Uber on August 3 offloaded its entire 7.78 percent stake in Zomato, marking its exit from the Indian food delivery giant.
The company sold a total of 61,21,99,100 shares for Rs 50.44 a piece via a block deal, as per the data shared by BSE.
The same amount of shares were held by Uber in Zomato as of June 30, 2022, according to the shareholding pattern shared with stock exchanges.
The bulk of the offloaded shares were picked up by Fidelity Investment Trust Fidelity Series Emerging Markets Opportunities Fund, which bought 5.44 crore out of them for Rs 50.26 a piece, the stock exchange data showed.
ICICI Prudential Life Insurance bought 4.5 crore shares at a price of Rs 50.25 a piece, it added.
The block deal through which Uber offloaded its 7.8 percent stake in Zomato was reported on August 2 by CNBC TV18. The transaction was expected to fetch an amount of Rs 2,938 crore or $373 million.
A day before selling its 7.8 percent stake in the company, Uber said in its earnings announcement that it had booked an unrealised gain (loss) of $707 million in the first half of 2022 on account of its Zomato holdings.
Zomato closed at Rs 55.45 at the BSE on August 3, down by 0.18 percent as compared to the previous day’s close. The company had, on August 1, posted a 67 percent spike in its Q1 FY23 revenue to Rs 1,413.9 crore. The consolidated loss during the quarter stood at Rs 186 crore, which is nearly half of the Rs 359 crore-loss reported in the year-ago period.
Zomato’s stock saw an intense sell off pressure last week as the one-year lock-in for pre-IPO investors ended on July 23. Moneycontrol had reported that the market would be keenly looking at how large shareholders like Uber and Delivery Hero react to the lock-in expiry.
Uber had, notably, received a stake in Zomato when its sold off its food delivery arm in India to the company in a stock transaction in 2020.
